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Applications for repatriation of sale proceeds are considered, provided the sale takes place after three years from the date of final purchase or from the date of payment of final installment of the consideration amount, whichever is later Q. What is the procedure for seeking such repatriation? Applications for necessary permission for remittance of sale proceeds should be made in form IPI 8 to the Central Office of Reserve Bank at Mumbai within 90 days of the sale of the property.

They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration alongwith a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.

Guidelines for granting housing loans to Non-Resident Indians, Own contribution, which is the cost of dwelling unit financed less the loan amount, can be met from direct remittances from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India. Repayment of the loan, comprising of the principal and interest including all the charges are to be remitted from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India.

The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India.

Yes. Repayment of loan should be made within a period not exceeding 15 years out of inward remittances or out of funds held in the borrower’s NRE/FCNR/NRO accounts.

Reserve Bank permits Indian firms/companies to grant housing loans to their employees deputed abroad and holding Indian passports subject to certain conditions. Q. Can NRIs and PIOs give a Power of Attorney in favor of a person of their choice in India to complete loan formalities on their behalf? Yes. Normally it is desirable to appoint a Power of Attorney in India to represent you in dealings in India . The Power of Attorney should be executed as per drafts provided by the housing finance company. The Power of Attorney holder should be a trustworthy person .

Yes. General permission has been granted by Reserve Bank to non-resident persons (foreign citizens) of Indian origin to transfer by way of gift immovable property held by them in India to relatives and charitable trusts/organisations subject to the condition that the provisions of any other laws, including Foreign Contribution (Regulation) Act, 1976 and stamp duty laws, as applicable, are duly complied with.

Yes. Reserve Bank has granted general permission for letting out any immovable property in India . The rental income or proceeds of any investment of such income are eligible for repatriation subject to payment of taxes and production of a certificate issued by a chartered accountant with the guidance of an Authorised Dealer such as a bank for completion of formalities. Q. Can the rental income from such property be remitted outside India ? No. Such income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the owner of the property .